How do firms leverage data and technology to respond th 2019 · 8/14/2019 · Development and the need to leverage internal knowledge to support this • Access is needed to information

How do firms leverage data and technology to respond to a changing landscape?Dublin September 4th 2019

Michael WarrenVice President, CRM Practice

Wilson Allen

Today’s Facilitator

Today’s Agenda

• How does this all sometimes feel• Market Trends – The market is changing• Managing the data life-cycle• The integration imperative• The business development imperative• The need to understand your clients’ business drivers• Closing the Client Feedback loop• The business intelligence imperative• Actionable Insights• Aligning our strategy

How does this sometimes feel?

https://youtu.be/Pk7yqlTMvp8

https://www.youtube.com/watch?v=Pk7yqlTMvp8

Market TrendsTHE INCREASING IMPORTANCE OF DOING BUSINESS DEVELOPMENT WELL: Historically it has been neglected but a changing market makes this critical to firms moving forward

1

ANALYTICS AT THE FOREFRONT: Integration and broader use of firm data to inform actions. Delivered in real-time and in context

2

THE ADOPTION IMPERATIVEFirms are moving to “Zero Entry” data models, including AI, driving lawyer use and providing greater context. To free up lawyers to spend time on client development and billable work

3

CLOSER ALIGNMENT OF PROCESSBusiness processes need to be more closely aligned and data flows across them understood

4

CLIENTS ARE BETTER INFORMED THAN USClients are more demanding and their expectations of our knowledge and use of our data and experience are greater than ever

5

“CLOSED LOOP” CLIENT LIFECYCLE: The need to pull all data together to be able to deliver customer value and client development.

6

The market is changing

• Firms are asking themselves

• What business should we invest in?

• What clients should we target?

• How can we win those clients?

• How do we onboard that business?

• How do we resource and execute matters?

• How can we optimize matter execution?

• How are we measuring client perceptions?

Why is that?

• Firms have a history of working in silos

• Historically firms’ reporting has been very focused on the financials

• Risk and client-intake don’t often consider business development

• Business Development is becoming increasingly important in a highly competitive market

• Service providers are emerging who are providing your clients with resources to compare and contrast price

• All industries in which buy-side price data comparison is provided have been revolutionized

• Now that your clients have access to this data they are going to become more price sensitive, understanding the additional value you provide your clients therefore is critical for a firm’s ability to retain its clients

Clients know how to use our data

Are we focusing our marketing taking all the right factors into consideration?

What impact do changes in fee arrangement and client buying processes have on our profit?

Are we missing an opportunity to capture more information during the life of the matter?

How do we leverage the lessons learned and what our clients think about us?

Which opportunities should we pursue?

Is business acceptance entirely administrative in focus?

Can we change processes to capture the source of work earlier in the process?

Marketing Business Development Pricing Client

IntakeMatter

CreationReferral Tracking

ClientFeedback

Managing the data life-cycle


• Re-designing data capture around business process is the first step to change

• What data can be captured passively?

• For example can we profile Work type based on who’s doing the work?

• Can we derive industry from elsewhere?

• What role can machine learning play in data management?

Source of WorkClient’s business objectivesKey contacts

Work TypeWork TeamSpecific requirements

Lessons learnedOther opportunitiesCross-selling

Skills developedExperience gainedBD opportunities


• Firms are having to understand the wider business eco-system and all the data within that to meet their business objectives

• Alternative fee arrangements, increasingly demanding clients, flat demand means that you’re increasingly involved in pricing strategy

• Most firms don’t easily have the data to manage this process.

• Most client management systems offer little in the way of real value to the client, they’re administrative.

• How do you harness the data to understand the value you provide to existing client and how to win new ones?

Slide: courtesy of


• Users are increasingly focusing on Client Development and the need to leverage internal knowledge to support this

• Access is needed to information across multiple systems

• However that presents a challenge as to how that data is collected

• …and to how the data is surfaced

ClientData

Data onConflicts &

Competitors

Data onOurExpertise

Data onfinance,mattersjobs & projects

ContactData

Data onOur staff &Expertise

Joining the dots

The integration imperative

Firm-wide data management

• Information flows need to be thought about in terms of processes NOT systems

• A common language is essential e.g. what is a client?

• Not all data has to be captured in one go e.g. client intake is actually NOT a great data capture point

Enterprise BI: Dimensional Measures

Workflow: Pervasive Across Systems

MDM: Consistent Reference Data

Taxonomy: Common Data Language

4

2

3

1


• Data flows have too often been designed to capture unstructured data

• Data capture is often an administrative task

• Small changes to existing processes need to be considered to capture more structured data (e.g. referrals)

• Machine learning and technology can transform unstructured data e.g. matter profiling, time recording narrative mining, client segmentation


• In most firms having data is not the issue, having access to the right data is the problem

• Small changes to data collection processes “upstream” can have beneficial impacts to data management downstream

• Systems have tended to be implemented in siloes without an appreciation of the flow of data across systems as part of critical business processes

• For example referral tracking in CRM and Source of business in client intake


The Business Development imperative

Leaders & Partners

Practice & Sector 360 Intelligence

Strategy & Planning Unified LifecycleKey Client Management

Practice Mgmt & FinancePricingTime

RiskIntake

Conflicts TermsWalls

MarketingZero-entry CRM

RelationshipsExperience

Intapp PlatformUnified data AI Workflow & integration Third-party content Security

Strategy | Origination | Execution

Slide: courtesy of


Improve CRM adoption and usage

Drive new business

Measure client traction

Gain client intelligence

Optimize Resource Alignment/

Manage relationships for long-term success

CRM Automation

Automatic Data

Capture

Automatic Data

Delivery

Better Client Retention

AccountGrowth

Predictive Key Account Reporting

Account Relationship Optimization

Relationship Intelligence

Relationship Mapping

Relationship Data SciencePlatform

Mail & Calendar

Phone (PBX, Mobile, Voice)

Specialized (e.g. Bloomberg)

Public(Social, blogs, web)

CRM, ERP &Financials

CRM Data Cleanse

Automatic Cleanse & Enrichment before CRM Implementation

Contact Data

AccountData

Slide: courtesy of


Customer Value Management is a measure of a company’s clients’ view of the perceived value for money delivered by your products and services compared to that of your competitors. The key is understanding the “value” your customers derive from you rather than the value you derive from them, which is often the focus of CRM

The measuring of customer value management in other industries has a proven link to being able to predict buying behaviors and how to define go-to-market strategy i.e. if you can understand how you are perceived and the criteria used to make buying decisions you can respond to them more effectively

Studies show that there is a direct correlation between the value that your clients perceive in the services that you provide and their willingness to recommend you to others. Despite what those in a “people” focused business might tell you, client relationships and buying behavior is just as much SCIENCE as it is ART!

Understanding your clients

What?Understanding the function, interests and seniority of contacts is needed to understand how to target contacts effectively

BehaviorIntegrating CRM data with other systems is important to understand level of influence e.g. are they awarding you work, what is their role on those projects

AttitudeUnderstanding what your contacts and clients think of you is the ideal. This is what the integration of client feedback in to your data gives you. Sometimes client feedback tells you surprising things and sometimes it reinforces things you already knew but it carries more weight when a client you respect tells you

SegmentThe combination of all of this data enables you to have a strong understanding of who your clients are and the variables that influence how you interact with them.

Where?Understanding where they are located is important for those where jurisdiction and geographical segmentation is important

Who?Who are your clients, what sorts of organizations do they work for?



95%

95% of law firm clients say it’s important to have an open

channel of communication to provide feedback to their firm.

86%

86% say that when asked for feedback, their perception of

their law firm is positively impacted.

SOURCE: ClearlyRated 2018

Slide: courtesy of

Closing the client feedback loop

How likely are you to recommend our firm to a friend or colleague?

0 1 2 3 4 5 6 7 8 9 10

Extremely likelyNot at all likely

DETRACTORS PASSIVES PROMOTERS

Net Promoter®

Score% Promoters % Detractors

"Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheldand Satmetrix Systems, Inc."

Slide: courtesy of


0%

10%

20%

30%

40%

50%

60%

2015 2016 2017 2018 2019

29%

Promoters

Passives

Detractors

NPS®


Slide: courtesy of



Slide: courtesy of


NPS Drivers

The firm is proactive in their approach to helping me.34%

The firm delivers high quality, error-free work.27%

The firm delivers within the timeframe they say they will.12%

The firm has a thorough understanding of my needs.12%

= % impact on NPS when “Always”

The firm’s services are a good value given the cost.42%

Contacts at the firm return my phone calls and emails within 24 hours.

7%Slide: courtesy of


STRATEGY EXECUTION DIFFERENTIATION

FieldingSurvey Design Online Profile Best of Legal

Industry Best Practices

Industry Best Practices

Survey Best Practices

Buyer Trends

Training Systems Integrations

Firm-Specific Consulting

Biz DevPlanning

Marketing Planning

Integrated Reporting

Acct-Level Strategy


64%

CRM 81%

PFT 75%

PMS 60%


Bus

ines

s / C

ompe

titiv

eR

elat

ions

hip

Competitive Intelligence

Customer Intelligence

Business Intelligence

Relationship Intelligence

Leverage your ConnectionsUse the talents, contacts, connections

and expertise of your firm and lawyers to engage and differentiate yourself.

Get a 360° view of your customersUnderstand your clients through tracking

and analyzing all of the touch points between your firm and your clients.

Customer Relationship Management(CRM)

Social Media(Social Networks, Social Search)

Business Intelligence(BI)

Competitive Intelligence(CI)

Grow ProfitabilityAssess and drive law firm performance across all areas that drive profitability

Marketplace InsightAnalyze the legal marketplace including competition, client share and prospects

BDBDiiBDBDii

Actionable Insights

• Firms need to be able to curate information in all of these quadrants

• There is often no connectivity between these

• Those driving this (usually BD/ Marketing/ CRM) have historically not had control over the data needed to deliver this

• Solutions need to be agile as the context for the question and the question itself will often change

Getting Enterprise BI Right: A value chain where every link is critical

DeploymentTechnology AnalyticFramework

Data

Actionable Insights

• Business Intelligence focus has been, like other systems, focused on technology and deployment

• Historically financially focused (the top left of the intelligence quadrant)

• What are the questions we are trying to answer?

• Where is the data going to come from?

• How do we transform it so that it’s meaningful, relevant and useful

Client Acquisition Cost Risk Evaluation Performance Client FeedbackClient 1 High High 20% Dir Margin PoorClient 2 Low Low 20% StrongClient 3 Moderate Moderate 20% Mixed

• What are we driving? Near term profitability? Lifetime client value?• Probably not. Probably utilization but…• How do we price without a full picture?• How do we staff without a full picture?• How do we have a strategy without a full picture?

Actionable Insights

• Business Strategy

• Billing Best Practices

BusinessIntelligence & Performance

BusinessDevelopment & Acceptance

• CRM• Deal/Funnel• Pricing

• Intake• Conflicts• Terms & Risk

• FMS/PMS• Workflow• Security

• Time Capture• Bill Creation

• Analytics• Reporting• Data

Architecture

• Resource Mgmt• Project /

Objective Mgmt

Consulting Services: Expertise, Guidance, Execution

Software: Ours & Partners’

• CRM Best Practices

• Risk Mgmt.Strategy

(or “strategic consulting”)

• Intelligence Strategy

• Implementation & Execution

Core WA Focus: BusinessOperations & Billing

Wilson Allen – Aligning our strategy to yours

Thank You

Documents

How do firms leverage data and technology to respond th 2019 · 8/14/2019 · Development and the need to leverage internal knowledge to support this • Access is needed to information